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31

IMF Gold Sales For Debt Relief Supported

South Africa's Treasury encouraged the proposed use of International Monetary Fund gold sales

South Africa's Treasury encouraged the proposed use of International Monetary Fund gold sales to settle debts of poor countries, to avoid the market disrupting, according to SAFinance Minister

In his report to the Parliament he said yesterday he favored including five-year quotas for gold sales allocated to central banks in 2004 for the process.

"The sale of IMF gold when done in a managed manner that is transparent, clearly communicated to the market and ideally along the central bank gold agreement, will mean that the market can price in the IMF gold sales and thus cause no disruptions to the market price of gold," he added.